Soneri Bank 2015 an­nual earn­ings up 39.87pc

The Pak Banker - - FRONT PAGE -

LA­HORE: The Board of Di­rec­tors of Soneri Bank Lim­ited met here un­der the Chair­man­ship of Alaud­din Feerasta on Thurs­day to re­view the per­for­mance of the Bank and ap­proved the fi­nan­cial state­ments for the year ended 31 De­cem­ber 2015. The Bank has posted a profit af­ter tax of Rs. 2.21 bil­lion which is 39.87 per­cent higher than last year. This trans­lates into earn­ings per share of Rs. 2.01 (31 De­cem­ber 2014: Rs.1.44). Profit be­fore tax stands at Rs. 3.59 bil­lion be­ing 47.25 per­cent higher than last year. The Board of Di­rec­tors has also an­nounced cash div­i­dend for the year ended 31 De­cem­ber 2015 @ 12.5% i.e. Rs. 1.25 per share.

The Bank has out­per­formed the mar­ket in de­posit growth and also shown re­in­force­ment in all core ar­eas of the Bank's op­er­a­tions. De­posits grew by 13.46% over 2014 and net ad­vances recorded a growth of 3.74% over 2014. Bank also ad­e­quately meets the SBP Basel III re­quire­ments and is well po­si­tioned to meet its growth plans. An­a­lyz­ing the rea­sons for suc­cess­ful per­for­mance in 2015, Bank sources ex­plain that the in­crease in gross rev­enue was reg­is­tered mainly on ac­count of growth in earn­ing as­sets, which in­creased bank net markup in­come. Fur­ther­more, bank de­liv­ered well on its strat­egy to mo­bi­lize low cost de­posits and in­vest in high yield­ing bonds. This pro­vided the off­set against pres­sure on spreads due to low rates. The Bank con­tin­ues to fol­low a pru­dent pol­icy for mak­ing pro­vi­sions for the in­fected loan port­fo­lio in line with reg­u­la­tory re­quire­ments and is con­fi­dent that ac­tions taken in 2015 would fur­ther help in con­trol­ling fu­ture in­fec­tions and se­cur­ing up­com­ing re­cov­er­ies.

Dur­ing the year, the Bank is­sued Listed Term Fi­nance Cer­tifi­cates (TFC - 2) worth Rs.3.00 bil­lion. The is­sue was suc­cess­fully closed and was over­sub­scribed by Rs.810 mil­lion (1.3 times). Is­sue was struc­tured as Pre-IPO sub­scrip­tion of Rs.2.25 bil­lion and IPO of Rs.0.75 bil­lion Soneri Bank has a unique mar­ket po­si­tion in trade-fi­nance and trans­ac­tions bank­ing ser­vices and boasts a loyal and sat­is­fied client-base in all its 266 branches all over the coun­try. The Bank is com­mit­ted to meet the in­creas­ing ex­pec­ta­tions of its cus­tomers and con­tinue to pro­vide them par-ex­cel­lence ser­vices, for which the bank has been in­vest­ing pru­dently in in­for­ma­tion tech­nol­ogy, hu­man re­sources, mar­ket­ing and in­fra­struc­ture.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.